Selling your house and buying a coop? What you should know

Coop View

These downsizers had been looking for a L-O-N-G time when they experienced the view from this Applewood Pointe coop. They walked in, gasped, and were sold… it was finally time to sell their house on the Mississippi River and buy into a coop on Rush Lake!

They wisely had started preparing for a move a couple years ago and met with my stager at that time for advice on preparing their home including updating light fixtures, paint colors, etc. Because of that advance preparation plus downsizing their possessions, they were ready for a final staging consult and listed their home for sale just a few weeks after coming to an agreement to on the unit in the coop. Their home and site showed beautifully, and they accepted an offer the first weekend on the market!

Closing on both properties was expected to happen the same day, with funds from the closing on their house simply wired to the closing on their coop. Unfortunately, that doesn’t work when purchasing a coop because buying a coop isn’t a real estate transaction. Buying into a coop is buying a share in a corporation that owns real estate. About Cooperatives

They learned that buyers must bring a certified check payable to the seller of the coop shares… no wires allowed. They expected to take the proceeds from the sale of their house to their bank to get a certified check for their coop purchase that same day. They checked with two different banks and both said it would take 2-3 days… even if the funds were wired!

We ended up changing the closing date on the sale of their house to be first, then closing on the purchase of their coop a few days later. The buyers of their house generously gave them 3 days between sale and possession to make the transition easier.

Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com

Written By

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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